Post on a purchased journal 1. “ purchased the following account from fizzy-cal network: display (charge...

Post on a purchased journal

1. “ purchased the following account from fizzy-cal network: display (charge store supplies), $1800; merchandise, $9600. Total; 11,400. Terms are n/30.”

2. Purchase the following items on account from Alexus fitness connection; inventory, $9180; miscellaneous selling expense ( display cases), $675; store supplies (promotion pack), $250. Total: $10105. Terms are n/30”

3. “Purchase merchandise on account from sports magic warehouse, $16900. Terms are n/30m

Solutions

Expert Solution

Purchase journal records only credit purchases.

1. Journal

Purchases A/c Dr. $ 11400

To fizzy-cal network A/c $ 11400

(Merchandise purchased on credit basis)

2. Purchases A/c Dr. $9180

Supplies A/c Dr. $925

To Alexus fitness connection a/c $10105

(Supplies purchased on account)

3. Purchases A/c Dr. $16900

To sports magic warehouse a/c $16900

(Credit purchases made)

Note - In purchase journal credit terms are also mentioned and it is prepared in tabular form. If you need in that format only please mention in comment section. Thanks :)

ekkarill92 answered 1 year ago

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